Zephyr Management, L.P. is a global emerging markets investment manager, specializing in the creation and management of highly focused private equity and marketable securities funds. Founded in 1994, capital commitments to Zephyr funds since inception total approximately $1.3 billion from a wide variety of investors, including family offices, endowments, foundations, pensions, multilateral development banks, and sovereign wealth funds. Each fund has a dedicated investment team located in-market, which engages in fundamental, bottom-up research to identify outstanding businesses with excellent balance sheets, high returns on capital and good corporate governance. » Read More

January was a difficult month for the Latin American markets, which fell 6.2%, with all of the countries in the region having at least mid-single digit drops. This was a departure from Emerging Markets as a whole, which were up 0.6%.Colombia and Brazil were the two worst-performing Latin American markets, falling 9.1% and 6.5%, respectively. Colombia's negative performance stood out as it reflects the particularly delicate macroeconomic moment of the country. Its government is proposing tax increases